MCW Fuels (Division of MCW Energy Group) Awarded With Key Nationwide Motor Carrier Agreement by ConocoPhillips
26.06.2012 | Marketwire
SHEDIAC and FRANKFURT, 06/26/12 - MCW Energy Group Limited (FRANKFURT: MW4), a Canadian holding company with two divisions focused on value creation: (1) MCW Fuels Inc., a well established distributor of gasoline and diesel fuels to a growing list of service stations in southern California, and (2) MCW Oil Sands Recovery, LLC, which will implement MCW Energy Group's proprietary oil sands extraction technology on its lease in Asphalt Ridge, Utah, is pleased to announce the signing of a Master Motor Carrier Services Agreement between ConocoPhillips and its fuels distribution division, MCW Fuels Inc.The Master Motor Carrier Services Agreement, signed recently by both parties, essentially appoints MCW Fuels as a key fuels distributor resource to ConocoPhillips' extensive network of service stations throughout the United States. MCW's growing delivery truck fleet will be deployed to assist in the supply of a wide range of fuels to Phillips 66's network of over 10,000 service stations. The addition of MCW's delivery capabilities is intended to augment ConocoPhillips' own existing delivery fleet throughout the U.S.
"This Agreement with ConocoPhillips truly elevates our Company's standing in the echelon of key fuel distributors with one of America's largest energy companies," stated Dr. R.G. Bailey, CEO of MCW Energy Group. He added, "This prestigious appointment also provides a catalyst for our MCW Fuels division to roll out as a national distribution entity in the very near future." MCW Energy Group's management team agreed that this is a significant step in the growth of MCW Fuels as a major player in the domestic fuel distribution sector and that it would lead to a sizeable new revenue stream for the Company.
About ConocoPhillips:
Recently merged from Conoco and Phillips 66, the Company, based in Houston, Texas, is one of the world's major energy companies with over 16,000 employees in 30 countries. It explores, produces, transports and markets crude oil, natural gas, liquids, liquefied natural gas and bitumen on a worldwide basis. Its portfolio includes legacy assets in North America, Europe, Asia and Australia as well as oil sands/shale development programs. Phillips 66 refines, markets and transports crude oil and petroleum products in the U.S., Europe and Asia. The Company is one of the largest petroleum refiners in the U.S. with 15 refineries and a domestic net crude oil processing capacity of 1.8 mmbd. Its petroleum products are marketed throughout its 10,000 retail outlets in U.S. and Europe under the brands Phillips 66™, Conoco™, 76™ and Jet™ in Europe.
About MCW Fuels:
A division of MCW Energy Group, this operation markets over 145 million gallons of branded and unbranded fuels (including 25 million gallons per year volume added with the recent acquisition of Westco Petroleum Distributors) annually throughout Southern California. The Company now supplies fuel to more than 200 branded and unbranded service stations and provides commercial fuels to over 100 businesses. It retains regional branding rights to major premier brands such as 76, Valero, Alliance, and offers signage assistance and state-of-the-art accounting systems. MCW Fuels also provides several value-added services including credit card processing, inventory control systems and price management services, and is involved in the marketing of alternative fuels such as hydrogen. Through an aggressive program of mergers and acquisitions such as Westco Petroleum Distributors (announced June 12th, 2012), and the Master Motor Carrier Agreement with ConocoPhillips, the Company is planning to expand into other regional U.S. markets. For more information on MCW Fuels and MCW Energy Group, please visit the corporate website at: www.mcwenergygroup.com
Note:
The information does not constitute an offer of or an invitation by or on behalf of MCW Energy Group or any of its subsidiaries to subscribe for or purchase securities of MCW Energy Group or any of its subsidiaries, but is provided as a matter of record only.
In particular, the information contained does not constitute an offer of securities for sale or solicitation of an offer to buy securities in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.